For the first 11 months of 2012, the volume of new, regular-way arbitrage deals stands at $45.8 billion. Add to that what managers expect will be another $5-6 billion of December business, and 2012 volume will likely climb to about $51-52 billion, versus $12.5 billion in 2011. That’s a giant leap for a market that produced just $15 billion of new vehicles during the extremely lean years of 2008-2010.